Dennis Porter, CEO and co-founder of Satoshi Act Fund, shared a shocking breaking news via Twitter today that can be understood as a massive attack on Bitcoin in the United States of America. Porter wrote that the state of South Dakota is trying to pass a law that would exclude Bitcoin from the definition of “money” while providing a secure pathway for CBDCs. “This law would ensure that only governments can create ‘money’ which on its face would exclude all digital assets,” says Porter, who went on to explain that the bill states that no medium of exchange can be considered “money” unless it was “approved or adopted by the government” before it existed as a medium of exchange.
The bill reads: Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! Money means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an international organization or by an agreement between two or more countries. The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.
Related Reading: Conflicting Signals: The Big Difference Between Bitcoin And Crypto Charts The worst part, according to Porter, is that attempts are being made to enforce this policy in 21 different states in the United States. “There is seemingly a goal to build a bull work of pro-CBDC states that also exclude digital assets like Bitcoin from the definition of money,” Porter interpreted the law, showing the map below of U. S.
states that could follow the bill. Pro-CBDC states that could follow South Dakota | Source: Twitter @Dennis_Porter_ Is The Bill A Threat To Bitcoin? Yaël Ossowski, Deputy Director Consumer Choice Center (CCC) commented on South Dakota’s push by saying that it is standard wording that already exists in other states. Still, the bill is a threat to Bitcoin, he added: It’s based on model policy from the association of banking supervisors, who have been able to collude with the Uniform Law Commission to make this suggestion.
It will have minimal teeth, but it’s still a threat to BTC. Related Reading: Wrapped Bitcoin Supply Declines To Negative, Here’s Why Andy Roth, President of the State Freedom Caucus Network, also acknowledged that this is a “big deal. ” The Uniform Commercial Code (UCC) is a set of business laws that govern financial contracts and transactions that apply in all states.
Roth went on to explain: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild. io. Play Now! The UCC is creating the framework for CBDCs to be accepted (and Bitcoin denied) via Amazon and all other retailers.
All digital transactions. This must be stopped. The good news is that we still have a chance to kill this in the 49 other states.
It is worth mentioning, however, that Bitcoin is gaining increasing support in numerous U. S. states, and the Satoshi Act Fund has contributed to this in a big way.
As Bitcoinist reported , Texas and New Hampshire have launched Bitcoin-friendly laws, as has Montana , among others. At press time, the Bitcoin price was at $23,397, struggling to hold key support at $23,350. Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.
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Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you're human: Jake Simmons Related Posts Conflicting Signals: The Big Difference Between Bitcoin And Crypto Charts 12 hours ago VISA & Mastercard Rethink Crypto Plans Following Market Fallout 2 days ago TickrMeter Review: Track Bitcoin & Other Cryptocurrencies From Your Desk Or Nightstand 3 days ago Bottom Signal? Bitcoin, Ethereum Profitability Hit Three-Month Lows 3 days ago These Dates Will Be Important For Bitcoin And Crypto This Week 3 days ago Bitcoin On-Chain Demand Rising, But Slower Than In Previous Cycles 6 days ago.
